Centerbridge Partners, GIC Real Estate buy INDUS Realty Trust for $868m

INDUS Realty Trust (the Company), a U.S.-based industrial/logistics REIT, has entered into a definitive merger agreement under which affiliates of Centerbridge Partners, a global private investment firm, and GIC Real Estate will acquire all of the outstanding shares of the Company in an all-cash transaction valued at approximately $868 million. The transaction was unanimously approved by the participating members of INDUS’ Board of Directors.

Under the terms of the merger agreement, upon the closing of the transaction, INDUS stockholders will receive $67 per share in cash, subject to certain adjustments. The transaction represents a premium of 17 percent to the Company’s unaffected stock price on Nov. 25, 2022, the date of Centerbridge’s initial public announcement that it intended to make a takeover offer with GIC to acquire INDUS, and a 26 percent premium to INDUS’ unaffected 30-day volume-weighted average stock price ending Nov. 25, 2022.

“After conducting